From the Company Overview section, I need a more simple way to understand what I need to do (if that's possible)

They say first start with some background on the fashion industry and the potential for your product in the market. What do they mean exactly? It's probably a duh question but it's not that clear to me.

1. "some background on the fashion industry" = what's going on right now, especially things that you will try to incorporate into your own business?

2. "the potential for your product..." = what will your product have or be that isn't already out there?

Consider this, which was featured on yesterday morning's CBS Sunday Morning television show -- http://www.cbsnews.com/stories/1998/07/09/sunday/main13562.shtml----------------------
EASTER 2009: Tip O' The Hat
At President Obama’s Inauguration, Aretha Franklin delivered a powerful rendition of “My Country Tis of Thee." But it was her hat that caught the attention of the world.

Nancy Giles meets the man behind the hat. His name is Luke Song and his shop, Mr. Song Millinery, has been a staple in Detroit since 1982.

Song has been called an “accidental milliner” because neither he nor his family expected him to go into the family business. He studied biochemistry in college, thinking he’d become a doctor. And then he studied art in New York City. But when he returned to Detroit in 1997, he was inspired to create a hat out of chicken wire that became an instant hit with customers and allowed him to pay off his student loans within a year.

And while Aretha Franklin may be his most famous customer, Mr. Song Millinery is now in over 500 retail shops around the country. And because of the inauguration hat, Luke Song expects sales to increase 300 to 400% this year.

Given all the dire news reported from Detroit everyday, Luke Song’s story is one bit of good news coming from the Motor City.

In shaky times, it never hurts to go with what works. And what works is goddess dresses. Light and airy at Marchesa, like liquid mercury at Yves Saint Laurent, and accented with jewels at Malandrino and Monique Lhuillier, Grecian draping made waves on the runways, and it'll generate plenty of heat on the red carpets, too.